Omaxe PAT for Q4 at Rs 0.54 crore

Real estate development company, Omaxe, reported consolidated income from operations of Rs. 191.87 crore for the quarter ended March 31 as compared to Rs. 355.38 crore for the quarter ended March 31, 2020.

The consolidated net profit for the quarter stood at Rs 0.54 cr. as compared to a loss of 126.39 crore posted in the corresponding quarter last year, said a press release.

The company during the 12 months sold 2.73 million sq. ft. valued at Rs 2051 cr vis-à-vis 4.99 mn sq.ft valued at Rs 1738.75 crore in the same period last year, said the release further. Major sales include Delhi, Ludhiana, Lucknow and New Chandigarh.

Rajan Gupta, Vice-President (Business Development & Corporate Strategy), Omaxe Limited, said: “The COVID-19 induced lockdown brought the economy to a complete standstill leading to a disruption in cash flows, customer sentiments and stoppage in construction activities due to migration of labour thereby heavily impacting the real estate sector in the first half. In the second half, on the back of low interest rates and bottomed out property prices, demand was restored across several sectors of the economy including real estate but the overall impact of COVID was severely felt on the real estate sector. The company’s good brand equity in tier 2/3 cities helped its projects in Delhi, Ludhiana, Lucknow and New Chandigarh perform as per its potential. These centres will be a propeller for future demand, construction, possession and strategic project expansion of the company going forward.”